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Before the currently problems the economy is facing really started to surface, it was generally easy for people to get approved for credit. Many of my friends in college were approved for $3000 credit cards with no previous credit history. People could take out large mortgages on houses with little to no money down. Things have changed.

Since the recession, not only have credit requirements become more strict for borrowers, millions of people have taken damage to their credit scores. Foreclosures and bankruptcies are particularly bad on your credit report. But even simply missing payments and defaulting on smaller loans has lowered the credit score of many people.

As a financial adviser, I can honestly say that 95% of people I work with want to borrow money without a credit check. I'm always getting asked if there are good lenders who can do this. Many people are even embarrassed to look at their reports. They know they've made mistakes and got in over their head.

This is especially prevalent in cases where people were granted far too much credit. They couldn't afford to pay off their debts even if the economy stayed in good shape. There has been a lot of irresponsible lending. As many lenders would look the other way and issue as much credit as they could.

So what are people to do? With a damaged credit score, many people look at payday loans with no credit check. These can offer fast cash for people who only need a smaller amount of money for 2-4 weeks. The limit on payday loans is set at $1500 dollars. Most people who apply with a company will need to build a small history before getting anything over $1000. You can get these loans with no credit check.

Cash advance companies are not concerned with your credit score. This is because the loan is short term and based on you being employed and paying it back on payday. In order to qualify you will need to earn at least $1000 dollars per month. So its easy to qualify. But is it worth it?

Keep in mind with payday loans the interest rates and fees tend to be really high. Any loan which requires no credit check and no collateral is considered an unsecured loan. Unsecured loans will always come with higher interest rates. If you don't mind paying more, this is your best bet.